I Did Not Think I Would See

Investors Making Purchases In An Overheated Market Need To Recognize That It May Often Take An Extended Period For The Value Of Even An Outstanding Company To Catch Up With The Price They Paid.

That Goes Back To 1932, Although It Was Really Implemented In '33 Under Jesse Jones, And It Invested In Mostly Banks Initially And Preferred Stock And That Sort Of Thing. So There Are Two Things Needed In The System, The One That's Needed Overwhelmingly Is Liquidity. I Mean, When People Are Trying To [unintelligible], There Has To Be Somebody There To Buy.

Diversification Is Protection Against Ignorance. It Makes Little Sense If You Know What You Are Doing.

Fund Consultants Like To Require Style Boxes Such As "long-short," "macro," "international Equities." At Berkshire Our Only Style Box Is "smart."

I Measure Success By How Many People Love Me. And The Best Way To Be Loved Is To Be Lo Veable.